Apple supplier Foxconn starts to see slowing smartphone sales

Foxconn forecast flat revenue growth in its consumer electronics business, including smartphones, for the quarter ending September.

The popularity of iPhones has endured among a loyal and relatively affluent customer base.

Apple iPhone assembler Foxconn gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom.

The comments from the Taiwanese company — the world's largest contract electronics maker — echo those from other Asian tech firms that have warned of a drop in sales of smartphones, TVs, and gadgets as surging inflation and deepening concerns of a recession crimp on consumer spending.